Rise in Hacks and Frauds in the Crypto Industry: Third Quarter of 2023 Marks a Significant Increase in Incidents
Date: 2023-10-04 Author: Dima Zakharov Categories: IN WORLD
Rise in Threats in the Crypto Industry: Hackers and Scammers Have Become More Active
In the third quarter of 2023, the crypto industry witnessed a sharp increase in the number of hacks and scams, as reported by Immunefi. The number of incidents surged by a staggering 153% compared to the same period in the previous year, reaching a total of 76 cases. This is a concerning trend that raises questions about cybersecurity in the world of cryptocurrencies.
It is essential to note that hacks and scams in the crypto industry result in significant losses. Since the beginning of 2023, hackers and scammers have stolen a total of $1.39 billion from users and cryptocurrency projects. More than half of this sum, precisely $685 million, was stolen during the third quarter. This indicates a spike in malicious activity during this period.
What's astonishing is that hackers dominate this statistic, with the assets stolen by them far exceeding those taken by scammers. In the previous quarter, hackers managed to pilfer $662 million, whereas scammers only acquired $22 million. This underscores the fact that hackers tend to be more professional and effective in their actions.
Major Incidents and Vulnerable Projects
Among the major incidents in the third quarter of 2023, the hack of the Mixin project on September 25th stands out. Hackers managed to seize approximately $200 million, making this incident one of the most significant. Another notable case was the breach of the Multichain project, from which $126 million was stolen. However, the most substantial damage was inflicted by hackers from the North Korean Lazarus group, who obtained a whopping $208 million in a series of attacks throughout the quarter. This demonstrates the high level of organization and professionalism of this group, which was responsible for 30% of all losses in the third quarter.
A significant portion of the stolen funds is attributed to DeFi projects, which have become particularly vulnerable to hacker attacks. A total of 72.9% of the stolen funds were linked to DeFi. Ethereum and BNB Chain remain the most popular networks for hacks, accounting for 42.7% and 30.5% of incidents, respectively.
